Superior-BP Settlement Withstands Investor's Assault

Law360, New York (May 29, 2009, 12:00 AM EDT) -- A district judge has backed a bankruptcy court’s approval of bankrupt Superior Offshore Inc.’s settlement with BP PLC and Cross Logistics Inc. related to payment for a $116 million construction project off the coast of Trinidad, despite a prominent shareholder's objection to the deal.

Judge Nancy F. Atlas of the U.S. District Court for the Southern District of Texas on Thursday affirmed the bankruptcy court’s February approval of the settlement requiring BP Trinidad and Tobago LLC to pay $11.7 million to Superior, which in turn will...
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